The cryptocurrency world is rapidly evolving, with new fresh projects and innovations continually surfacing. As we approach July 2023, it is important to keep an eye on the ever-changing digital currency ecosystem. In this blog post, we will look at the top eight cryptocurrencies to watch that have a lot of promise as the year progresses.
What Are Cryptocurrencies?
Cryptocurrencies are a digital or virtual currencies that are secured using encryption. They are decentralized systems based on blockchain technology, which is a distributed ledger that records all transactions over a network of computers.
Unlike traditional government-issued currencies (such as the US dollar or Euro), cryptocurrencies are not governed by any central authority, such as a central bank. To safeguard transactions and also manage the generation of new units, they instead rely on cryptographic techniques.
Top 8 Cryptocurrencies to Watch in July 2023
Below is a list of the top 8 cryptocurrencies to watch in July, and they include the following:
- Solana (SOL)
Solana is based on a special hybrid proof-of-stake and the proof-of-history mechanism that enables it to execute transactions quickly and securely. It was developed to handle decentralized finance (DeFi), decentralized apps (DApps), and smart contracts. SOL, the platform’s native token from Solana, powers it.
SOL’s pricing began at $0.77 when it was introduced in 2020. By March 1, 2022, its value had risen to roughly $101, an increase of nearly 13,000%.On May 3, 2023, it was trading at about $21.
- Polkadot (DOT)
The 2016-founded Polkadot (DOT) blockchain interoperability protocol was created to link various chains together. Additionally, it enables secure data exchange and transaction processing for parachains or parallel blockchains. Developers can use Polkadot security to build their own blockchains.
Polkadot was developed by Gavin Wood, the principal Ethereum founder. The intriguing aspect of DOT is that there is no strict cap on the total supply. Instead, a fresh token is always being distributed.
The price of Polkadot peaked in May 2020 at $6.30, later reached an all-time high of $55.11 in May 2021, and then fell to just under $4 in December 2022. Priced at $0.97 as of May 3, 2023.
- Litecoin (LTC)
Former Coinbase software developer Charlie Lee invented Litecoin (LTC), an open-source blockchain technology introduced in the year 2011. It was one of the first cryptocurrencies that its programming was modelled after Bitcoin. Despite its resemblance to Bitcoin, it is designed to have a speedier transaction confirmation time. It can be used to pay people all around the world without the need for a middleman. LTC is frequently referred to as the “silver to Bitcoin’s gold.” The overall round-off supply of Litecoin is 84 million coins. It reached a lifetime high of $413.47 in May 2021 but then declined by more than 50%. A rising number of merchants are accepting Litecoin. It is the 11th-largest cryptocurrency in the world, with a single token value of roughly $87.
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- Bitcoin (BTC)
The first cryptocurrency, Bitcoin (BTC), was developed in 2009 by a person going by the alias Satoshi Nakamoto. Bitcoin is based on a blockchain, which is a ledger that keeps track of all transactions across a network of thousands of computers, like the majority of other cryptocurrencies. Because modifications to distributed ledgers must be verified by solving a cryptographic puzzle, a procedure known as proof of work, Bitcoin is kept secure and hidden from fraudsters.
As BTC has grown in popularity, its value has risen. In May 2016, the price of Bitcoin was around $500. Since then, Bitcoin has had many ups and downs, but it has also demonstrated great resistance. Bitcoin dropped 65% of its market value last year, and as of May 3, 2023, it is trading in the range of $28,000 to $29,000.
- Ethereum (ETH)
Ethereum, which is both a cryptocurrency and also a blockchain platform, is a favourite among programmers due to the possible applications it offers, such as smart contracts that run automatically when certain conditions are satisfied and non-fungible tokens (NFTs).
Ethereum has also seen explosive growth. From April 2016 to early March 2022, its price increased by more than 27,000%, rising from around $11 to over $3,000. However, due to the broader market slump, Ethereum fell to a yearly low of $1,091 on November 9, 2022, before rebounding rapidly to over $1,800 on May 3, 2023.
- Binance Coin (BNB)
The Binance Coin is a kind of cryptocurrency that may be used on Binance, one of the biggest and largest cryptocurrency exchanges in the world, to trade and pay commissions.
Since its launch in 2017, Binance Coin has developed into something more than just a way to transact on Binance’s exchange platform. It is now feasible to use it for business, making payments, and even planning vacations. It can also be traded or also swapped for other cryptocurrencies like Bitcoin or Ethereum.
In 2017, BNB cost just $0.10 per night. By the start of March 2022, it had increased in value by around 410,000% to close to $413. BNB maintained a high level of stability despite the sharp market decline, and as of May 3, 2023, it is currently trading close to $320.
- XRP (XRP)
XRP, a digital technology and also payment processing company, can be used on that network to conduct exchanges of many currency types, including fiat currencies and other major cryptocurrencies. At the start of 2017, XRP was worth $0.006. Its value hit $0.46 on May 3, 2023, a gain of over 6,000%.
- Cardano (ADA)
Cardano, which arrived on the crypto market later, is remarkable for its early embrace of proof-of-stake validation. By removing the competitive, problem-solving part of transaction verification found in platforms such as Bitcoin, this solution reduces transaction time, energy usage, and environmental effect. Cardano, like Ethereum, uses ADA, its native coin, to enable smart contracts and decentralized apps.
Cardano’s ADA currency has grown in comparison to other major, cardano is one of the Cryptocurrencies to Watch in our list. In the year 2017, the price of ADA was $0.02. Its current price was $0.38 as of May 3, 2023. This is a nearly 1500% rise.
The cryptocurrency market is dynamic and full of chances as we approach July 2023. While the crypto market is known for its volatility, keeping a watch on the top eight cryptocurrencies can provide significant insights into the changing landscape. However, before making any decisions in the cryptocurrency market, it is important to undertake thorough research, stay informed about market movements, and assess your investing goals and risk tolerance. Keep an open mind and remain curious as you traverse the intriguing world of cryptocurrencies in July 2023 and beyond.